Minnesota Real Estate Salesperson Practice Exam
Questions And Correct Answers (Verified Answers)
Plus Rationales 2025/2026 Q&A | Instant Download
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1. Which of the following is required for a valid real estate contract in
Minnesota?
A. Witness signatures
B. Notarization
C. Offer and acceptance
D. Recording with the county
Contracts require offer, acceptance, consideration, and legal purpose.
Witnesses and notarization are not required for validity.
2. In Minnesota, a real estate licensee must deliver the agency disclosure
form:
A. Only when requested by the buyer
B. At closing
C. At first substantive contact with a client
D. Only for residential properties
Minnesota law requires licensees to provide written disclosure at the first
substantive contact to clarify agency relationships.
3. Which of the following is true regarding earnest money deposits in
Minnesota?
A. They are always refundable
B. They must be kept by the seller
C. They must be deposited in a trust or escrow account promptly
D. They are optional
Earnest money protects the buyer and must be handled according to
Minnesota statutes, usually in a trust account.
4. A property manager in Minnesota is considered:
A. A mortgage broker
B. A fiduciary to the property owner
C. A general contractor
D. A seller’s agent only
,Property managers owe fiduciary duties, including loyalty and care, to property
owners.
5. Which of the following best describes a “dual agency” in Minnesota?
A. Representing a buyer and another broker
B. Representing a seller and a different property
C. Representing both the buyer and the seller in the same transaction
D. Representing a client and a lender
Dual agency occurs when one licensee represents both parties in the same
transaction, requiring informed consent.
6. In Minnesota, how long must a broker retain transaction records?
A. 1 year
B. 2 years
C. 3 years
D. 6 years
Minnesota law requires brokers to maintain transaction records for six years
from the closing date.
7. Which statement about listing agreements in Minnesota is true?
A. Oral listings are always valid
B. Net listings are illegal
C. Written listing agreements are required for enforcement
D. Exclusive right-to-sell agreements are prohibited
Written agreements protect both parties and are enforceable; oral agreements
are risky.
8. Which of the following is considered a material fact in a real estate
transaction?
A. Color of the walls
B. Presence of a leaking roof
C. Landscaping choices
D. Furniture style
Material facts are those that affect the property’s value or desirability and
must be disclosed.
9. The Minnesota Fair Housing Act prohibits discrimination based on all the
following EXCEPT:
A. Race
B. Credit score
, C. Religion
D. Sex
Fair housing laws protect certain classes, but credit score is not a protected
characteristic.
10. Which of the following statements about Minnesota real estate
commissions is correct?
A. They are set by the state
B. Brokers cannot share commissions with other brokers
C. They are negotiable between broker and client
D. Licensees can charge unlicensed assistants commissions
Commissions are always negotiable and not regulated by state law.
11. In Minnesota, a real estate licensee must complete continuing education:
A. Every year
B. Every two years
C. Every three years
D. Only when first renewing a license
Minnesota requires 30 hours of continuing education every two years for
license renewal.
12. A real estate salesperson in Minnesota may legally:
A. Sue a client for refusing to buy
B. Prepare real estate contracts under a broker’s supervision
C. Set their own commission rates without a broker
D. Operate independently without a broker
Salespersons must operate under a supervising broker and cannot act
independently.
13. Which of the following is TRUE about the Minnesota Seller Disclosure
Form?
A. Only required for commercial properties
B. Required for most residential properties built before 1978
C. Must be notarized
D. Can be completed after closing
The disclosure informs buyers of known property defects and is mandatory for
most residential properties.
14. In Minnesota, a licensee who knowingly misrepresents a material fact
may be guilty of:
Questions And Correct Answers (Verified Answers)
Plus Rationales 2025/2026 Q&A | Instant Download
1. Which of the following is required for a valid real estate contract in
Minnesota?
A. Witness signatures
B. Notarization
C. Offer and acceptance
D. Recording with the county
Contracts require offer, acceptance, consideration, and legal purpose.
Witnesses and notarization are not required for validity.
2. In Minnesota, a real estate licensee must deliver the agency disclosure
form:
A. Only when requested by the buyer
B. At closing
C. At first substantive contact with a client
D. Only for residential properties
Minnesota law requires licensees to provide written disclosure at the first
substantive contact to clarify agency relationships.
3. Which of the following is true regarding earnest money deposits in
Minnesota?
A. They are always refundable
B. They must be kept by the seller
C. They must be deposited in a trust or escrow account promptly
D. They are optional
Earnest money protects the buyer and must be handled according to
Minnesota statutes, usually in a trust account.
4. A property manager in Minnesota is considered:
A. A mortgage broker
B. A fiduciary to the property owner
C. A general contractor
D. A seller’s agent only
,Property managers owe fiduciary duties, including loyalty and care, to property
owners.
5. Which of the following best describes a “dual agency” in Minnesota?
A. Representing a buyer and another broker
B. Representing a seller and a different property
C. Representing both the buyer and the seller in the same transaction
D. Representing a client and a lender
Dual agency occurs when one licensee represents both parties in the same
transaction, requiring informed consent.
6. In Minnesota, how long must a broker retain transaction records?
A. 1 year
B. 2 years
C. 3 years
D. 6 years
Minnesota law requires brokers to maintain transaction records for six years
from the closing date.
7. Which statement about listing agreements in Minnesota is true?
A. Oral listings are always valid
B. Net listings are illegal
C. Written listing agreements are required for enforcement
D. Exclusive right-to-sell agreements are prohibited
Written agreements protect both parties and are enforceable; oral agreements
are risky.
8. Which of the following is considered a material fact in a real estate
transaction?
A. Color of the walls
B. Presence of a leaking roof
C. Landscaping choices
D. Furniture style
Material facts are those that affect the property’s value or desirability and
must be disclosed.
9. The Minnesota Fair Housing Act prohibits discrimination based on all the
following EXCEPT:
A. Race
B. Credit score
, C. Religion
D. Sex
Fair housing laws protect certain classes, but credit score is not a protected
characteristic.
10. Which of the following statements about Minnesota real estate
commissions is correct?
A. They are set by the state
B. Brokers cannot share commissions with other brokers
C. They are negotiable between broker and client
D. Licensees can charge unlicensed assistants commissions
Commissions are always negotiable and not regulated by state law.
11. In Minnesota, a real estate licensee must complete continuing education:
A. Every year
B. Every two years
C. Every three years
D. Only when first renewing a license
Minnesota requires 30 hours of continuing education every two years for
license renewal.
12. A real estate salesperson in Minnesota may legally:
A. Sue a client for refusing to buy
B. Prepare real estate contracts under a broker’s supervision
C. Set their own commission rates without a broker
D. Operate independently without a broker
Salespersons must operate under a supervising broker and cannot act
independently.
13. Which of the following is TRUE about the Minnesota Seller Disclosure
Form?
A. Only required for commercial properties
B. Required for most residential properties built before 1978
C. Must be notarized
D. Can be completed after closing
The disclosure informs buyers of known property defects and is mandatory for
most residential properties.
14. In Minnesota, a licensee who knowingly misrepresents a material fact
may be guilty of:
